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Taylor Wessing has completed a radical overhaul of its partnership, which will see 12 partners leave the equity over the next two years.
Taylor Wessing reduces the equity partnership by twelve" />Taylor Wessing has completed a radical overhaul of its partnership, which will see 12 partners leave the equity over the next two years.
The changes were effective from 1 May and represent the firm's first-ever large-scale programme of restructuring.
The details of the restructuring have emerged as Taylor Wessing announced its year-end results. Turnover rose 4.5 per cent to £67m, while average profit per equity partner (PEP) increased from £348,000 to £385,000, a rise of 10.5 per cent.
The real estate department was the strongest performer, with revenues up 24 per cent. Corporate revenues were up by 11 per cent. The partnership restructuring is designed to open up the equity to younger partners while also addressing underperformance. It includes a formalised performance-based remuneration system and an overhauled appraisal process, including 360° feedback. As a result, five partners have been de-equitised, while seven partners have moved voluntarily to fixed-share status. At the same time, one partner has entered the equity.
The restructuring has not affected Taylor Wessing's profit for 2005, but the firm will be hoping for a sizeable head-start on next year's profitability as a result of the slimmed-down equity. All of the partners are based in the UK end of the firm, although the review, which was agreed by the managing partners of the UK, German and French operations, will also affect partners in those jurisdictions. Managing partner Michael Frawley said there was currently no need for any de-equitistions in either of the latter countries.
At the end of the 2004 financial year, the firm had 62 equity partners and 34 fixed-share partners. With the partnership changes, the split will be 56 equity partners and 49 fixed-share.